Condo Concerns – Restoration Might Be Required

Posted in Guides on January 19th, 2010 by admin | No comments
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condoOWNING a real estate property and purchasing a house for sale in the Philippines have always been the dream of every Filipino breadwinner. Especially those who willingly take on the sacrifice of leaving family and country to work abroad for the proverbial better life.

But as recent as two years ago, a great number of overseas Filipino workers (OFWs) who have worked abroad for more than 20 years still have to own a home.

This was the sad reality that Melesa (Elsie) Chua, president and chief executive officer of CDC Holdings, Inc. sought to address when she traveled on a trade mission to the Gulf Cooperation Council (GCC) countries in the Middle East sometime in 2007 to offer her compatriots some properties.

Recalls Elsie: “What made the work initially difficult was not that the OFWs did not want to buy [property], but that they did not have confidence in the country and had no plans for reintegration in Philippine society once their contracts expired.”

The challenge then, she adds, “was not so much in selling homes and properties, but in orienting OFWs to believe in the Philippines again, and teaching them to save and invest.”

This lack of foresight in purchasing a home, it turned out, “can be attributed to the misconception that properties such as houses and lots or condominiums are not within their budget,” Elsie explains.

It was a concern that the company addressed immediately with development projects suitable to these OFWs’ budget.

Elsie also disclosed that aside from budget constraints, most OFWs have been traumatized over past experiences or stories about being defrauded of their deposits or down payments by unscrupulous real estate companies.” Once the initial reservation fee was paid, nothing more was heard from the developer. There was no follow-through at all.”

There are several factors that OFWs should consider before they buy a condo unit, advise Elsie and her daughter, CDC Sales & Marketing Head Charlene D. Chua. Here are a few of them:

1. Location, location, location. Proximity to schools, the workplace, the market and medical facilities should be of prime importance. Consider also accessibility to main roads, or at least to major transportation routes. And, of course, based on recent events, it must be within a flood-free area.

2. Pricing and terms. The unit should be affordable and have a flexible payment scheme. Find out the cost per square meter, and how long it would take to finish paying the property. Are there any hidden charges? Are there balloon payments that surface after a year? Sometimes all these are indicated only in the fine print of the contract after the buyer has already paid the reservation fees and down payment.

Find out about arrangements for payments made directly to the developer. So many problems could crop up when other parties handle the payment. Many developers have special offices abroad to receive payments directly from OFWs.

3. Financing assistance. Know your options and which financing scheme is suited to your capability. Pag-ibig still has the best interest rates over all other banks.

4. Understand the specifications of materials, design and finish as committed by the developer. Does the model unit reflect the specifications or have these been enhanced for sales purposes? You will need these data for better assessment during the turn-over. Sometimes, the actual unit delivered does not match the model unit and you’ll have to do some extensive restoration and repair work, especially if these condos are old and they haven’t been well maintained, you could be looking into home exterior maintenance in o’fallon mo if you feel like yours needs some repairs and maintenance done.

5. Credibility and commitment of the developer. Check out the track record of the developer. Sometimes what’s been promised in advertisements is not what is delivered.

Ask about the turn-over date and commitment of the developer. A five-year-turnover schedule is way too long, says Elsie. Full completion should be achieved within three years.

6. Facilities and amenities. When buying a condo, look beyond the unit itself. What comes with the package? Check out the landscaping and other facilities like water reservoirs, generators, pools and jacuzzis, although these could cause water damage to the installations so the use of water restoration services are necessary, although these could be found online, more from Water Restoration USA here, so you’re able to find the right services for you. Be especially vigilant about drainage. Is the area flood-prone?

7. Sound property management. After-sales service should be part of the commitment of being your investment partner. Most OFWs don’t get to come home as often as they want. It is thus important for the developer to have sound property management. Find a developer who will provide adequate assistance even after you’ve paid your reservation and other fees.

Know the maintenance scheme of the community or the property you intend to buy. For instance, how does the property manager keep common areas clean? How does she or he deal with garbage collection? Do they vacuum common areas with the  comparativa aspiradoras

8. Safe and secure community. Know the security measures that the developer has in place. Does management have the capacity to implement those measures? It all goes back to track record.

9. Eco-friendly community. Does the property developer or manager contribute significantly to decreasing the carbon footprint of its residents? Does the property have elevated water tanks, and cisterns that store rain water so it can be recycled and reused to water plants, and clean facilities and cars?

10. Personal touch. Being an investor means you are a business partner of the developer who should have enough passion for the project. The developer should be approachable enough to address individual concerns from buyers and thus have the capability to make them feel good all the way. •

Source: Inquirer

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